What to expect from Loans AM borrowers? the lawyer explains

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On March 24, 2020, by the decision of the Central Bank of the Republic of Armenia No.1320 of 20 March 2020, the license of the Credit Organization Credit Organization CJSC was revoked for violating the requirement of minimum amount of total capital. The press service of the Central Bank of Armenia reports. (A credit organization lends to funds from its founders and does not have the right to attract funds from individuals, ie deposits).

kayqer.ru inquired from lawyer Robert Hayrapetyan whether the borrowers of the aforementioned credit organization should fulfill their loan obligations or not.

In response, the lawyer said: “The grounds and procedure for liquidation of credit organizations shall be defined by the Republic of Armenia Law on Banks and Banking. According to the aforementioned law, a Liquidation Committee shall be established within at least five days after the relevant decision of the Board of the Central Bank, in this case, in accordance with the procedure established by the Charter of the Credit Organization, to liquidate it, sell its property (funds) and satisfy the legal requirements of creditors. The Liquidation Commission's list of actions, among other mandatory actions, stipulates that the Liquidation Committee shall take the necessary measures to identify the bank's creditors and to receive the bank's receivables and to repay the loans given by the liquidating bank early. The assumptions or misunderstanding that credit liabilities are automatically lost in the event of the liquidation of a credit organization are not true. "

According to the lawyer, according to the law, a Liquidation Commission will be established soon, after which, within three days, the Liquidation Commission will make a statement in the press and inform the Central Bank about the order and term of the liquidation of the credit organization and the creditors' claims, which may not be less than two months.